ItaEUR(TM)s a Cinderella story: Tax incentives bring film production back to California.

Entertainment is a staple of California's economy, and other states and nations would love to have a piece of the action. How effective has the Legislature been at protecting this asset that is so key to California's identity?

That question is asked and answered in "Fighting Production Flight: Improving California's Filmed Entertainment Tax Credit Program," the latest research from the Milken Institute California Center.

The report examines the state's five-year Film and Tax Credit Program just as the original program's final funding is about to be allocated. It turns out the incentives have had much success keeping film production in California. But demand for the tax credits has far outstripped supply, and the program will eventually expire. Read the full report for recommendations on lawmakers' next steps.

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